HALISTER1: INDIA RATINGS: Central Bank of India, Rideema Toll Bridge Cut

INDIA RATINGS: Central Bank of India, Rideema Toll Bridge Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Central Bank of India
    • Lower Tier 2 bonds cut to A+ from AA- at ICRA
    • Cites weakness in operating, financial performance
  • Rideema Toll Bridge
    • Term loans cut to BB+ (SO) from BBB- (SO) at ICRA
    • Cites lower-than-expected traffic growth in recent years on the project stretch, which has weakened its liquidity profile

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CBOI IN (Central Bank of India)

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HALISTER1: Morgan Stanley Likes Short-to-Mid Curves in India, Indonesia

Morgan Stanley Likes Short-to-Mid Curves in India, Indonesia

(Bloomberg) -- Morgan Stanley favors India and Indonesia rates at present levels due to attractive real yield differentials, according to Tuesday note.
  • Co. recommends buying Indonesia’s 7.875% notes due April 2019 and India’s 6.84% securities maturing December 2022, both currency unhedged, strategists including Gordian Kemen wrote in note
  • Carry-driven demand from foreign investors will probably remain strong amid easy global liquidity, but BI or RBI monetary policy is unlikely to become easier in near time,
    • Steepening after RBI meeting has made valuations become more attractive
  • Short-dated South Korean govt paper became increasingly attractive if swapped into the dollar
  • Co. suggests buying 1-year KTBs asset swapped into the dollar
  • Co. prefers closing 10-year Argentina Botes long position, shifting to front end of the curve to capture yields above 16%
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Source: BFW (Bloomberg First Word)

People
Gordian Kemen (Morgan Stanley)

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